Summary of Cibus (CBUS) Conference Call - May 21, 2025 Company Overview - **Company Name**: Cibus (Ticker: CBUS) - **Industry**: Agricultural Biotechnology - **Focus**: Development of gene-edited crop traits in canola, rice, and soy using a rapid trait development system - **Current Rating**: Buy with a price target of $23.50 [1] Core Points and Arguments Gene Editing vs. GMO - **Definition**: Gene editing involves making precise changes to an organism's DNA, while GMOs involve transferring genes from one organism to another [3][4] - **Regulatory Recognition**: Global regulators have acknowledged that gene-edited crops are indistinguishable from natural occurrences, leading to recent approvals in various countries, including Ecuador and the EU [6] Rapid Trait Development System (RTDS) - **Technology**: Utilizes a gene repair oligonucleotide to make precise edits at the single-cell level, allowing for multiple changes within genes and across genomes [7][8] - **Speed Advantage**: Traditional plant breeding can take 10-30 years; Cibus aims to deliver new traits within 12 months, significantly improving time-to-market [9][11] Revenue Model - **Pre-Revenue Status**: Currently, Cibus is a pre-revenue company, planning to generate income through royalties from developed traits [12] - **Market Potential**: Traits developed for major crops like soy, which covers over 250 million acres in North and South America, can lead to substantial royalty income [13] - **Royalty Estimates**: Expected royalties of $10 to $15 per acre for traits related to weed management, with potential for significant revenue as traits are adopted [14][15] Developed and Developing Traits - **Current Traits**: - **Rice**: Two herbicide-tolerant traits for efficient weed management [20][21] - **Canola**: Pod shatter reduction trait to preserve yield during harvest [22] - **Future Traits**: Advanced traits in development include additional herbicide tolerance and disease tolerance for canola and soy [23][24] Farmer Value Proposition - **Cost Reduction**: Traits can reduce input costs for farmers, improving profit margins by decreasing the need for herbicides and other inputs [25][26] - **Market Dynamics**: Farmers are willing to pay a premium for traits that enhance productivity and reduce operational costs [27] Timeline for Revenue Generation - **Projected Start**: Traits expected to be planted and royalties to begin flowing in 2027, with a gradual increase through 2029 [28][29] Near-Term Catalysts - **Customer Announcements**: New customer acquisitions in the rice portfolio and advancements in field trials for advanced traits [30][31] - **Wheat Platform**: Expansion into wheat traits is also being explored [31] Bio Fragrance Business - **Overview**: Cibus has discovered a yeast that produces oil, which can be used to create bio fragrances for consumer packaged goods (CPG) companies [32][33] - **Revenue Potential**: Expected nominal revenues in 2025, with significant growth potential in the tens of millions of dollars annually [34] Key Drivers for Business Growth - **Predictability and Speed**: Ability to deliver traits within 12 months is a significant competitive advantage [36] - **Regulatory Environment**: Harmonization of regulations globally opens up markets, allowing Cibus to operate similarly to conventional breeding programs [36][37] Other Important Content - **Market Size**: Major crops involved cover over 500 million acres, indicating a vast market opportunity for Cibus [36] - **Investor Interest**: Recent press releases have generated significant interest from prospective partners and customers [36] This summary encapsulates the key points discussed during the Cibus conference call, highlighting the company's innovative approach to agricultural biotechnology and its potential for future growth.

Core Viewpoint - CRISPR Therapeutics AG is at the forefront of gene editing, having received approval for its first gene editing treatment, CASGEVY, which targets sickle cell disease and beta-thalassemia [2][4]. Company Overview - CRISPR Therapeutics' stock is currently trading at approximately $36.31, showing little change since 2018, and investors from 2020 and 2021 may be facing losses [3][11]. - The company has a significant cash reserve of approximately $1.86 billion as of March 31, 2025, which is expected to support future growth [8]. Product and Market Potential - CASGEVY has been approved in eight jurisdictions and has 65 authorized treatment centers globally, with expectations for significant patient initiation growth by 2025 [6]. - The total addressable market for CASGEVY is estimated to be around 60,000 patients, although this is small compared to larger markets for diseases like cancer and diabetes [6][7]. Future Outlook - The company anticipates that 2026 will mark a turning point, generating enough revenue from CASGEVY to support sustainable growth for ongoing and future clinical trials [8]. - Analysts have a 12-month price target for CRISPR Therapeutics stock at $71.75, indicating a potential upside of 97.60% from the current price [10][12]. Investment Sentiment - Despite the current challenges, over 69% of CRSP stock is owned by institutional investors, and buying has outpaced selling for the last nine quarters [11][12]. - The stock is rated as a Moderate Buy by analysts, although it is not currently considered a top investment compared to other stocks [12][14].

Intellia Therapeutics, Inc. (NASDAQ:NTLA) BofA Securities 2025 Healthcare Conference May 13, 2025 7:20 PM ET Company Participants Ed Dulac - CFO Conference Call Participants Alec Stranahan - BofA Securities Alec Stranahan Hello, everyone. Thanks for joining the session with Intellia Therapeutics on day 1 of the 2025 Bank of America Healthcare Conference. My name is Alec Stranahan. I'm senior biotech analyst covering Intellia here at BofA. And I have the pleasure of being joined by Ed Dulac, the Chief Financ ...

Core Viewpoint - Cellectis, a clinical-stage biotechnology company, is set to report its financial results for Q1 2025 on May 12, 2025, after the US market closes [1]. Company Overview - Cellectis specializes in developing life-saving cell and gene therapies using its innovative gene-editing platform [2][3]. - The company employs an allogeneic approach for CAR T immunotherapies in oncology, focusing on off-the-shelf and ready-to-use gene-edited CAR T-cells for cancer treatment [2]. - Cellectis is one of the few end-to-end gene editing companies, controlling the entire cell and gene therapy value chain from start to finish through its in-house manufacturing capabilities [2]. Locations and Listings - Cellectis is headquartered in Paris, France, with additional locations in New York and Raleigh, NC [3]. - The company is publicly traded on the Nasdaq Global Market under the ticker CLLS and on Euronext Growth under the ticker ALCLS [3].

Group 1 - Intellia Therapeutics, Inc. is a leading clinical-stage gene editing company focused on CRISPR-based therapies aimed at revolutionizing medicine [2] - The company will present its first quarter 2025 financial results and operational highlights on May 8, 2025, at 8 a.m. ET [1] - A replay of the conference call will be available on Intellia's website starting May 8, 2025, at 12 p.m. ET [1] Group 2 - Intellia aims to develop novel, first-in-class medicines that address significant unmet medical needs and advance treatment paradigms [2] - The company is expanding its CRISPR-based platform with novel editing and delivery technologies to harness the full potential of gene editing [2]

Core Insights - Cellectis is presenting research data on TALEN®-mediated non-viral transgene insertion and advancements in genetic editing using TALE base editors at the ASGCT annual meeting in May 2025 [1][13] - The company aims to develop life-saving cell and gene therapies through its innovative gene-editing platform [1][14] Group 1: TALEN®-Mediated Non-Viral Transgene Insertion - Cellectis combines TALEN®-mediated gene editing with non-viral delivery methods to enhance cellular and gene therapies, focusing on gene insertion efficacy and cellular health using single-stranded DNA (ssDNA) [3][4] - This approach addresses challenges associated with traditional viral methods, such as manufacturing constraints and potential genomic toxicities [4][10] - The research indicates that TALEN®-mediated gene editing with non-viral templates can achieve high efficiency in gene insertion in T-cells and hematopoietic stem and progenitor cells (HSPCs) [10] Group 2: TALE Base Editors (TALEB) - TALEB technology allows for high-fidelity C-to-T editing of double-stranded DNA without DNA strand nicking, enhancing the precision of gene editing [7][11] - Cellectis has developed methods to characterize TALEB efficiency and assess factors influencing its activity, including target sequence composition [8][11] - The research shows that TALEB can achieve efficient C-to-T conversion while maintaining specificity, with no detectable off-target editing in primary cells [11][12] Group 3: Future Implications - The advancements in TALEN® and TALEB technologies are expected to provide alternative, efficient, and safe therapeutic options for patients with various diseases, including cancer and autoimmune disorders [6][10] - Cellectis' innovative gene-editing tools are positioned to support novel gene therapy applications, enhancing the control and efficiency of gene editing processes [12][13]

Core Viewpoint - The proposed legislation in the EU aims to adapt regulations to support New Genomic Techniques (NGTs) like gene editing, promoting sustainable agriculture and food security while aligning EU policies with global trading partners [1][4]. Group 1: Legislation and Regulatory Changes - The EU member states have endorsed the Council's negotiating mandate on NGT regulations, allowing for trilogue discussions with the EU Parliament and European Commission to finalize the legislation [2]. - The legislation introduces a 'conventional-like' category for NGT-1 products, which will be regulated similarly to conventional varieties, exempting them from EU GMO legislation and labeling requirements [3][4]. Group 2: Industry Impact and Opportunities - The regulation is expected to benefit EU growers by providing access to improved plant varieties and facilitating international trade by aligning EU policies with those of North and South America, the UK, India, Australia, and Japan [4]. - Cibus, a leader in agricultural technology, supports the regulation as it will enhance opportunities for innovators, particularly in academia and SMEs, to develop NGT products that contribute to a sustainable agri-food system [5]. - Cibus' RTDS technologies produce 'conventional-like' crop varieties, focusing on traits such as reduced seed loss and increased disease resistance, which will be developed under the new EU regulatory framework [6]. Group 3: Company Overview - Cibus specializes in gene editing to address productivity and sustainability challenges in agriculture, with a focus on major global row crops like canola, rice, and soybean [7]. - The company operates as a technology provider, licensing traits to seed companies and generating royalties from seed sales, aiming to commercialize plant traits more efficiently than conventional breeding methods [7].

Core Insights - Editas Medicine reported a wider loss of 55 cents per share in Q4 2024, compared to the Zacks Consensus Estimate of a loss of 39 cents, and a loss of 23 cents per share in the same quarter last year [1][9] - The company's total revenues for Q4 2024 were $30.6 million, down 49% from $60 million in Q4 2023, missing the Zacks Consensus Estimate of $38 million [2][9] - Editas' stock is declining in pre-market trading due to weaker-than-expected earnings results [3] Financial Performance - R&D expenses decreased by 30% to $48.6 million in Q4 2024 from $69.6 million in Q4 2023, attributed to prior sublicense payments to Vertex Pharmaceuticals [4] - General and administrative expenses rose by 13% year-over-year to $16.4 million due to increased professional service costs [4] - Restructuring charges amounted to $12.2 million in the quarter due to the discontinuation of the reni-cel program and workforce reduction, with no such charges recorded in the previous year [5] Cash Position - As of December 31, 2024, Editas had cash, cash equivalents, and investments totaling $269.9 million, up from $265.1 million as of September 30, 2024 [6] - The company expects its cash reserves to fund operations and capital expenditures into Q2 2027, with estimated total expenses of approximately $45-$55 million covering the termination of the reni-cel program [6] Market Performance - Editas shares have declined by 8.1% over the past three months, compared to a 2.3% decline in the industry [7] Strategic Updates - Editas has no approved products and is focusing on pipeline development, having ended the reni-cel program in December 2024 due to the lack of a commercial partner [10] - The company is prioritizing in vivo pipeline development, with plans to announce an in vivo hematopoietic stem cell development candidate by mid-2025 [12][13] - Editas has demonstrated effective gene editing in hematopoietic stem cells and liver cells, with further data expected by the end of 2025 [13][14] Licensing and Collaborations - In late 2023, Vertex Pharmaceuticals in-licensed rights to Editas' Cas9 gene editing tool for its sickle cell disease gene therapy [8] - Editas received $57 million in upfront cash from the sale of future license fees related to its Cas9 license agreement with Vertex [8]

Summary of Verve Therapeutics (VERV) Conference Call - February 05, 2025 Company Overview - **Company**: Verve Therapeutics - **Industry**: Biotechnology, specifically focusing on cardiovascular disease treatment Core Points and Arguments 1. **Mission and Approach**: Verve aims to transform cardiovascular disease treatment from chronic care to a one-time therapy, targeting key drivers of atherosclerosis: LDL cholesterol, remnant cholesterol, and lipoprotein(a) [3][4] 2. **Pipeline Progress**: - **PCSK9 Program**: Two products, VERB 101 and VERB 102, with a Phase 1 data readout expected in Q2 2025 for VERB 102 [4][19] - **ANGPTL3 Program**: VERB 201 has begun dosing patients, with updates anticipated by the end of 2025 [5][48] - **LPA Program**: Collaboration with Eli Lilly on VERB 301 is progressing well [5] 3. **Market Opportunity**: The PCSK9 class is projected to exceed $5 billion in sales this year, with significant growth potential as only 10% of eligible patients are currently treated [8][9] 4. **Patient Preferences**: Surveys indicate a strong preference for one-time therapies, with 35% of patients favoring a single treatment over daily or bi-monthly options [12][13] 5. **Differentiation**: Verve's one-time therapy is expected to provide durable LDL lowering, addressing issues of adherence and access that plague current daily medications [10][11] 6. **Clinical Insights**: - VERB 102 is designed to avoid laboratory abnormalities seen in VERB 101, with a new lipid nanoparticle delivery system [17][18] - The target product profile aims for a 60-80% reduction in PCSK9 levels, translating to a 40-60% reduction in LDL [31] 7. **Regulatory and Trial Design**: The company is focusing on less advanced patients for trials to better isolate drug effects from underlying disease severity [28][29] 8. **Commercial Strategy**: - Verve's gene therapy is expected to be priced competitively, with a cost of goods similar to that of COVID vaccines, allowing for flexible pricing strategies [39][42][43] - The HEFH patient population is significant, with approximately 3 million patients in the US and Europe, presenting a substantial market opportunity [36] Additional Important Content 1. **Collaboration with Eli Lilly**: - For PCSK9 and ANGPTL3, Lilly has opt-in rights after Phase 1, sharing development costs and profits [60] - The LPA program follows a more traditional pharma-biotech collaboration model [61] 2. **Future Development**: The timeline for LPA development aligns with ongoing studies that will inform the efficacy and safety of the treatment [56] 3. **Patient Population Focus**: The trials are targeting patients with heterozygous familial hypercholesterolemia (FH) and premature coronary artery disease, emphasizing the serious nature of these conditions [21][36] This summary encapsulates the key insights and strategic direction of Verve Therapeutics as discussed in the conference call, highlighting the company's innovative approach to treating cardiovascular diseases and its potential market impact.